The ATP Group Annual Report 2012

Management's Review Business Model Risk Pension Hedging and Investment Hedging Investment Administration Social Responsibility The ATP Group Financial StatementsCash flow statement for 2012DKK million Group ATPCash flows from operating activities2012 2011 2012 2011Contributions and fees received 9,054 8,890 8,555 8,427Pension-benefit payouts (12,114) (11,220) (11,935) (11,074)Pension-activity expenses paid (176) (233) (173) (215)Interest income received in respect of pension activities 12 15 12 16Interest expenses paid in respect of pension activities (14) (1) (14) (2)Tax paid on pension-savings return in respect of pension activities 0 (2) 0 (2)Cash flows from pension activities (3,238) (2,551) (3,555) (2,850)Interest income, etc., received in respect of investment and hedging activities 25,912 32,674 23,896 30,613Interest expenses, etc., paid in respect of investment and hedging activities (1,442) (5,642) (1,398) (5,645)Market-value adjustments realised in respect of investment and hedging activities 26,058 17,336 22,991 18,967Return received on investment properties and consulting fee 774 625 392 381Investment-activity expenses paid (580) (428) (247) (255)Tax paid on pension-savings returns in respect of investment and hedging activities (18,435) (10,492) (18,433) (10,481)Cash flows from investment and hedging activities 32,287 34,073 27,201 33,580Income received in respect of administration activities 801 677 842 693Administration-activity expenses paid (786) (645) (836) (676)Cash flows from administration activities 15 32 6 17Corporation tax paid 1 (1) - -Cash flows from operating activities 29,065 31,553 23,652 30,747Cash flows from investment activitiesSale of bonds 127,671 321,455 110,403 292,236Bond drawings 17,807 16,404 16,236 16,404Purchase of bonds (157,388) (264,353) (135,038) (243,036)Sale of equity investments 8,596 30,336 14,998 42,523Purchase of equity investments (9,716) (25,930) (14,707) (29,878)Sale of investment properties 83 19 9 12Purchase of investment properties (359) (158) (304) (76)Investment assets related to unit-linked contracts 451 (338) 0 0Sale and purchase, net, Intangible assets, property, plant and equipment and owner-occupiedproperties(453) (192) (449) (182)Loans to credit institutions and portfolio companies 11,284 (5,076) 11,284 (5,076)Cash flows from investment activities (2,024) 72,167 2,432 72,927Cash flows from financing activitiesLoans from credit institutions (24,533) (105,413) (24,533) (105,413)Cash flows from financing activities (24,533) (105,413) (24,533) (105,413)Change in cash and cash equivalents 2,508 (1,693) 1,551 (1,739)Exchange-rate adjustments (205) (17) (202) 152Cash and cash equivalents at 1 January 2,688 4,398 2,014 3,601Cash and cash equivalents at 31 December 4,991 2,688 3,363 2,014The cash-flow figures cannot be deduced directly from the figures of the consolidatedfinancial statements.The ATP Group – Annual Report 201275